Features And Documentation In Personal Loan

May 30, 2019 Off By admin

State Bank of India is the foremost and most trusted banks in India. SBI along with its combine branches has a distribution more than 16,000 branches, which is the largest in any network of banking. BNP Paribas, Euro Zones leading Bank and is the oldest foreign bank having an existence in India. BNP Paribas Assurance has a chief presence in Latin America, Europe and Asia and is among the top15 insurance company in Europe. The company has other joint venture in Asia in countries like Vietnam, Taiwan, Thailand and South Korea.

SBI Personal Loan is the best options for individuals who require the urgent money. SBI also provides the attractive rates and easy flexible repayment options. Below are the various features, eligibility criteria and documentation required for the loan approval.

Features: People can avail SBI Personal Loan for various different purposes or events in life such as domestic or foreign travel, medical emergencies, marriage, education, paying the bills, consolidates the debt, dream vacations, small business establishment and home renovation. The bank provides the minimum loan amount up to Rs. 24,000 in metro cities and Rs. 10,000 in semi urban or rural cities. The maximum amount is 12 times net monthly salary for pensioners and salaried person and the maximum loan amount is up to 10 Lacs.

There is no need to give any security or collateral to the person for availing Personal loan. The maximum repayment period is up to 4 years.

Eligibility: The salaried person who has two years experience from any reputed company is eligible for SBI Personal Loan. The self-employed individual with 2 years of experience is eligible for the personal loan.

Charges: The banks charge the processing fee from 2 to 3 percent of the loan amount. The banks also charge the prepayment charges up to 1% of the loan amount if the borrower repays the loan before 6 months of the loan period.

Documents Required: The documents required by the banks for salaried individual are Application form with recent two passport size photographs, latest salary slip, residence proof, ID proof and bank statement for last three months.

Self employed individual have to give the documents like the application form with 2 photographs, Income Tax Returns (ITR) for last two years, proof of Residence, identity proof and bank statement for last six months.

People can get the instant approval for SBI Personal Loan if they are eligible and provide all the required documentation to the bank.